NIFTY AND BANK NIFTY LEVELS FOR 8th NOVThis channel provides Nifty and Bank Nifty analysis and provides swing trades for equity.
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Maverick Trader
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ICICIBANK INVERTED HEAD AND SHOULDER PATTERNI SEE ON 1 DAY ICICIBANK CHART THERE IS AN INVERTED HEAD AND SHOULDER PATTERN AND THE PRICE ACTION IS UP SIDE THE TREND IS BULLISH.
MY TARGET IS = 690, AND 740.
HERE I USE A 20 EXPONENTIAL MOVING AVERAGES WHICH DECIDES THE RIDING TRADE. IN THE BULL MARKET.
Nifty Positional ViewAfter a long Uptrend, Nifty seem to have halted for a while and haven't crossed High of Feb month and have been reversed from that Supply area.
Nifty forming an bearish pattern (some call it Inverted Hammer or Shooting Star) on Monthly Time Frame
Bearish confirmation only when it breaks 13660 else sideway movement to continue
Nifty Positional View Daily TFOn a Daily TF interesting swings have happened during the March month and volatility was huge which was witnessed during the month end expiry
Typical M top pattern formation and the same is valid
Though the closing was above the 14461 looks like some covering happened at last moment
Buying seen during past two months were as not prominent as the selling pressure is clearly visible in the Daily TF where sellers are looking to dominate with good volumes
Nifty has breached all the 9/21/30/50 EMA
50EMA acting as resistance
Nifty if breaks the Gap zone marked in Yellow can touch 100day EMA ~14k
Overall long term bullish we may see some corrections happening in Nifty till 14000
wait for the right time to buy
A change in short term view for Nifty is buildingA change in the FII view seems happening. They are gradually getting more bearish (atleast in short term).
The week saw huge volatility of around 800pts. After opening at 10328 levels it saw a min of 9544 and closed at 9958 recovering around 400 pts. The low of 9544 is a strong support for this week and also the month. On the higher side 10150 is where resistance sits for this week. Though on the monthly front 10500 continues to hold the broader range.
Bank Nifty also shows a wider range with 19000 and 22000 as the limits. However, the sentiment of Monday would confirm a narrowing of this range on the lower or higher side.
Eye on longer timeframe for USDINR.Look t the momemtum of moving upward. Expeccted downward move from approx. 13 APRL 2020 . The speed or momemutm which these currencies are going up is expected to fall at the same speed.
HDFC CHART ANALYSISHDFC chart analysis, HDFC interim support rests at 2000-2010 around that it must take retracement to statisfy the long trend line, a closing below 2108 can take it upto 2050 levels then further downwards and upcoming resistance is being observed at 2192 after which a closing and a follow up can give good move in HDFC. Support and resistance are still yet to be confirmed and HDFC can show up some bounce and then may take support around 2050 levels Please consult your financial advisor before trading.
View on Exit PollFinally, exit polls have given some hope of stable government but considering past track record of +/- 10-15% deviation in numbers, risk to financial market has already been built up. BJP with 285+ seats and NDA with +310 seats are good for market but that should not last long as real concerns on economic slowdown will come into play. Will poll numbers behave like 2014 or 2004? Need to cross fingers till 23rd May. RBI June policy will have to be watched as how banking regulator will respond to inflationary concern, trade war and slowdown in economy. Market consensus is for 25 basis point reduction. Liquidity should be the concern till the time new govt come into power and start full fledged fiscal operation. Trump's soft stance on trade dispute with EU, Japan, Canada and Mexico is a positive move but major dispute is in between top 2 economies of the world. $ 738 billion of goods and services trade between global giants is at risk. Apart from this, Japan's capital good exports to China, Australia's commodities export to China, Korea's semiconductor and Tourism exports to China are also at risk. Crudeoil is still not cooling off from recent peaks. Skymet's prediction of below average monsoon is risk to inflation.Risk reward balance is still tilted towards risk. Investors in market should wait for clear directional close above 11900 to understand big investor's appetite for risks.